New report paints grim picture of housing market

New numbers released by the National Association of Realtors show sales of previously occupied homes dropped last month to their lowest point in 15 years.

Tue, 24 Aug 2010 22:30:18 GMT —

Stocks took a sharp fall Tuesday. The Dow Jones Industrial Average dropped 97 points after another disappointing report on the housing market.

New numbers released by the National Association of Realtors show sales of previously occupied homes dropped last month to their lowest point in 15 years. July numbers were down 27 percent from the previous month.

Albany State University economics professor Dr. Amaechi Nwaokoro says buyers seem to be hesitant to make such a big purchase.

"With the current recession we have in the current economy, we have a lot of uncertainty. People don't have confidence in the housing markets," said Nwaokoro.

But he says he is confident the housing market will eventually turn around â" once the job market stabilizes.